The robust financial performance of Bank of Maldives (BML) is driven by the strong loyalty of customers, says CEO and Managing Director of the bank, Karl Stumke.

He said this while speaking at the Annual General Meeting (AGM) of the country’s national bank on Tuesday.

Taking the podium at the event, Stumke expressed pride in the bank's achievements.

He went on to shed light on the key initiatives that contributed to its success including investments in customer service, infrastructure, and digital solutions as well as a strong commitment to sustainability and community support.

Highlighting that BML achieved their highest-ever net profit of MVR 2.07 billion in 2023, Stumke credited this “extraordinary achievement” to several factors including efficient liquidity management, increased investment in Treasury Bills, and a growing loan portfolio.

Stumke noted that BML’s customer deposits grew by MVR 1.6 billion, in turn solidifying their position as the leading bank in the island nation, with more than 55 percent of the market share.

He also stated that this mirrors the trust customers place in the bank and expressed his sincere gratitude for their loyalty.

Extending his deepest gratitude for the unwavering trust, Stumke stated that the support of customers has been the cornerstone of the bank’s success.

Highlighting that BML is truly honored to have their customers as part of their success journey, Stumke expressed commitment to continuously improve customers’ experience with the bank and to make banking as seamless and convenient as possible.

He also touched upon efforts to continue meeting the evolving needs of its customers including the recent system configuration to facilitate both the Emirati Dirham (AED) and the Chinese Yuan (Renminbi) as currencies with which customers can now transact.

BML is able to provide Renminbi accounts to customers who would like to receive Renminbi settlements and use this for future payment obligations, according to Stumke.

Shedding light on the bank’s future, BML’s CEO and MD highlighted that they would remain steadfast in their vision to be the bank of choice in the Maldives, and expressed commitment to continue upholding the highest standards of governance and customer centricity, with a focus on digitalization while striving to create a more sustainable and inclusive future for all.

He said that they would continue to build a stronger, more prosperous future for BML and the nation it serves, with joint efforts.